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Nairaland Forum / Nairaland / General / Business / Financial Mistakes That Almost Wasted My First Five Years Of Work! (41299 Views)
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Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by ideykwum: 11:40am On Jul 03, 2015 |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Acidosis(m): 11:43am On Jul 03, 2015 |
Great post!!! The way out: Set a 12 month or 6 month target for yourself. On January 1st, 2015, I said to myself (name), ''you must save N*m on or before November 1st, 2015.'' Its really hard considering the nature of work, expenses, my love for gadgets (e.g. samsung galaxy S6) ![]() I had to settle for a "torchlight" Nokia and a tab, to beat that target 2 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by LEXYCOM: 11:48am On Jul 03, 2015 |
And pls, try to avoid collecting you ATM CARD......it demonic, it makes you withdraw cash at any sight of cash dispenser 3 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by moyinoluwabun(m): 11:49am On Jul 03, 2015 |
ebamma:bro, we can't meet all our needs neither can we pay all bills. It's better we learn to spend what we have after savings not saving what we have after spending. 2 Likes |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 11:49am On Jul 03, 2015 |
LEXYCOM: That one no easy ooo..... Discipline is the bottom line. If we're not disciplined, even without an ATM, we will use withdrawal slip!!! Funny but true... 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by verygudbadguy(m): 11:49am On Jul 03, 2015 |
Nice write-up.......... 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 11:50am On Jul 03, 2015 |
Acidosis: Very true somehow! Being realistic with our financial means and power is a great step towards financial stability... 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by blessingee: 11:52am On Jul 03, 2015 |
MKO4ever: The earlier you dump this believe, the better...I used to feel its easier said than done until i made a conscious effort at liberating myself...I started off by ensuring i partake in monthly contribution (half of my salary) and then i narrowed my expenses to the balance, that was the beginning of my financial freedom, now i have streams of incomes .... 4 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 11:57am On Jul 03, 2015 |
blessingee: A word is enough for the wise. The poor(in general) has the attitude of impossibility! Thanks for your words jare! |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by blessingee: 11:58am On Jul 03, 2015 |
I had a friend who when we started work, got a job with a bank and was saving 100k monthly from his salary into a sinking fund for 5 years, and by the 5th year, he had enough to buy himself a 3 bedroom bungalow just from money he didnt have need for since he wasn't someone who believed in doing business. Though it wasnt easy for him at the beginning, but as time went on, his salary went up and he was able to save more comfortably...while his mates were getting loans to buy big cars and rent 1.5m appartments, he was saving, I cannot tell you how much he has saved since buying his 3 bedroom flat in 2010 and now is an AM in the bank, do the maths... 3 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 11:59am On Jul 03, 2015 |
blessingee: Vision. Focus. Planning. Discipline. Perseverance. Delayed gratification. Name it! 3 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by jaybee3(m): 11:59am On Jul 03, 2015 |
LEXYCOM: Una don start again with your idiotic reasoning How come the devil doesn't bother intervening when you don't appear to have any money in your bank account? You lack self discipline hence the reason why you keep flashing that plastic. ATM cards are meant to improve your accessibility to your cash and it's your responsibility to budget and execute diligently 2 Likes |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by UjSizzle(f): 12:01pm On Jul 03, 2015 |
Very insightful thread. Thanks OP and other contributors. One thing I've learned is discipline. Some people will call it being stingy to yourself lol, but discipline will get you everywhere. Know what to do. Know when to do it. And teach yourself to look away from things beyond your reach. It's easy to earn 1m and be broke before the month runs out. It's also easy to earn 20k and have something left when the month runs out. Learn to save first before spending. Your needs and wants should be dependent on what you have left, and not the other way round. Everybody is trainable. Just teach yourself discipline and apply wisdom. 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by 4four(m): 12:01pm On Jul 03, 2015 |
Op I jst wanna say thank u, do I had takin my finicial saving serious for d three month but now with wat i am reading here I think I still ve to b more prodent 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Agbaletu: 12:01pm On Jul 03, 2015 |
God bless the OP! I have to print the points out and i will paste it in my room. I have equally sent it to a few friends that are in similar situation like me. This is another great thread. I am guilty of all the listed points. All the same, thanks to my wife for being a good manager, if not we would have been in a big mess. 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by blessingee: 12:02pm On Jul 03, 2015 |
dearpreye: You are welcome man. The problem is that people do not have financial intelligence...I spend time reading on how rich men make money work for them and the general consensus is..."let money work for you, dont work for money".....Recently i invested into a business that was paying me monthly income and i have since recouped my capital and am still getting my monthly emoluments... 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 12:04pm On Jul 03, 2015 |
If only I had seen this early this year!
Oh well, lesson learnt. 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Atlantian: 12:04pm On Jul 03, 2015 |
madridfc:LOL 2 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by UjSizzle(f): 12:05pm On Jul 03, 2015 |
jaybee3:Lol don't mind the young man. Is it with our epileptic services that you'll abandon your ATM card? I keep my cards with me always. But if I have to withdraw outside my regular expense account, I make certain to replace whatever was removed through my mobile app immediately (I even pay the account interest sef ![]() 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by blessingee: 12:05pm On Jul 03, 2015 |
jaybee3: 100% correct. It boils down to discipline. I have ATM in virtually all my accounts, i only spend money i want to spend, only critical emergencies and contingencies can make me spend, not even necessities not budgeted for... 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by LEXYCOM: 12:05pm On Jul 03, 2015 |
jaybee3:Mumu, am sure u are guilty of this |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by davidzfarm18(m): 12:06pm On Jul 03, 2015 |
Good one. You forgot the most important rule of quoting the rat race. Make ur money work for you. Invest in something no matter how small. 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 12:07pm On Jul 03, 2015 |
Ur point about not having any project his the Bomb. Any man who does not have projects wastes all his earnings. I'd rather be broke after a project than not engage in any project @ all. 2 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by aniffy4eva(m): 12:08pm On Jul 03, 2015 |
Interesting thread. Hmm the nostalgia! Fortunately, I learnt this while I was at the university (thanks to God, Robert Kiyosaki and other authors). Bought my first shares while in school. N5k lol! Didn't piss off my nysc allowance. Started business on the side, as I worked my 9 - 5. Divested into real estate. And it's all paid off in 7 years. My sights are set on bigger things now. ![]() Kudos to the OP. And for those just starting, it's never too late to start cos it's not as difficult as you think. 3 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by jaybee3(m): 12:12pm On Jul 03, 2015 |
LEXYCOM: I just need you to understand that ain't nobody chasing you from your village. Your indiscipline is your own worst nightmare... Go over the original post again so you can pick positive steps you can use to improve your financial status Stay blessed 2 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Alphafrank: 12:12pm On Jul 03, 2015 |
INDESTRUCTABLEX:PLZ Sir.....can u recommend some books for me on financial management and enterprenuership ideykwum and dearpreye,help a broda out am about to enter into the higher institution and d op confirmed the theory i have......that financial literacy and optimum money management is nt taught in classrooms,.......do help me help my self..,much respect to d op 2 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 12:16pm On Jul 03, 2015 |
Alphafrank: Well...you may start with THE RICHEST MAN IN BABYLON. ....Increasing your Financial IQ by Robert Kiyosaki; Thick and grow Rich by Napoleon Hill, and endeavour to get some books by Jim Rohn. The cure for poverty and lack is financial literacy. 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Alphafrank: 12:17pm On Jul 03, 2015 |
400billionman: aniffy4eva: 400billionman:Can you please recommend books on enterprenuership /financial literacy......it wil be much appreciated SIRES.... 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by ideykwum: 12:17pm On Jul 03, 2015 |
Alphafrank, I think I can do better than that. Inbox me your email address and I'd see if I can send you some e-books in those areas. If you like reading, I can send you a lot! Wish you the best in your endeavours! Alphafrank: 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by dBard: 12:18pm On Jul 03, 2015 |
INDESTRUCTABLEX: Very nice points. Just to add to it, the above requires a lotta sacrifice which many may not have. Best ways to ensure u save, esp salary wise, may be to join a cooperative (which ensures a particular amount gets saved every month) or one of the numerous assurance houses around with their savings plans. That way, once you've taken care of feeding, basic needs n miscellaneous allowances, the remainder gets saved. Also, the money saved should be used to 'secure' the future.. Land, personal house and other long-term projects. Getting an alternative source of revenue, no matter how small, it helps. My N100.. |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 12:18pm On Jul 03, 2015 |
aniffy4eva: I admire you. Thanks for sharing your experience. Your financial awareness started a lot longer before now......But like you said, IT'S NEVER TOO LATE! |
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